Automated Benefits Corp. Increases Revenue 13% Q1 2010 vs. Q1 2009
May 28 2010 - 7:00AM
Marketwired
Automated Benefits Corp. (the "Corporation") (TSX VENTURE: AUT)
today reported revenue increased by 13% to approximately $1,258,000
for the three months ending March 31, 2010. This compares to
revenues of approximately $1,113,000 for the same period last year
which represents an increase of approximately $145,000.
The net loss for the three month period ending March 31, 2010
decreased by 55% to approximately $199,000 and represents a basic
and fully diluted loss per share of $0.00. This compares to a loss
of approximately $439,000 during the same period last year
representing a basic and fully diluted loss per share of $0.00 and
a decrease of approximately $240,000.
Management believes adjusted EBITDA is also a useful measure
that facilitates period-to-period operating comparisons. Adjusted
EBITDA is defined as earnings before interest income, taxes,
depreciation and amortization, stock based compensation,
restructuring, impairment charges and other one-time gains and
losses. Adjusted EBITDA for the three month period ending March 31,
2010 was ($163,000), an improvement of $212,000 over adjusted
EBITDA of ($375,000) for the prior year.
"Management is very pleased with a 13% increase in revenue from
the same period last year, especially while net loss decreased
significantly," states James R. Swayze, Chief Executive Officer of
Automated Benefits Corp. He adds, "This reflects management's
continued focus on consolidating operations and the results of the
indirect sales channel strategy that we launched in the United
Kingdom in 2009."
Symbility Solutions Inc. and Automated Benefits Inc. report the
following recent business developments:
-- On January 25, 2010, Automated Benefits Inc. announced Sirius Benefit
Plans of Winnipeg, Manitoba, has begun the transition of their existing
block of group insurance business to the Adjudicare software. This
transition will occur over the course of 2010 and, when complete, is
expected to represent a substantial increase in business for the
Adjudicare platform.
-- On March 22, 2010, Symbility Solutions, Inc. announced the launch of its
newest claims software solution, Symbility Inside Adjuster. Symbility
Inside Adjuster will aid insurers in quickly estimating the scope of a
loss during the first notice of loss (FNOL) without necessarily
requiring escalation to field adjusting.
-- On April 6, 2010, Symbility Solutions Inc. announced the finalization of
a three year contract with Groupe Promutuel, one of the most important
insurers in the Quebec market.
About Automated Benefits Corp.
Automated Benefits Corp., headquartered in Toronto, Ontario, is
a software company dedicated to developing applications for the
insurance industry. The Corporation currently has two subsidiaries,
Automated Benefits Inc. and Symbility Solutions Inc.
Symbility Solutions automates property insurance claims through
its two complementary components. Its award-winning Symbility
Mobile Claims software is an estimating tool that increases speed,
efficiency and accuracy by allowing on-site claims processing.
Symbility Claims Connect is the collaborative workflow management
tool that gives every claim participant real-time access to the
claims they are working on. Symbility software solutions give users
the mobility, speed and control they need to effectively and
quickly move onto their next claim.
Automated Benefits Inc. provides the Adjudicare software
solution for the adjudication of health and dental claims. This
software adjudicates claims in real time, providing clients with
the highest level of flexibility available along with complete
disclosure on the plan's financial performance. Automated Benefits
Inc. enables their clients to provide an additional level of
value-added service in a very cost effective manner. The Adjudicare
software supports the adjudication of health and dental claims
through local insurance brokers across Canada.
All trade names are the property of their respective owners.
This press release should be read in conjunction with
Corporation's audited consolidated financial statements and
management's discussion and analysis for the fiscal year ending
December 31, 2009, copies of which can be found at
www.sedar.com.
Except for historical information contained herein, this news
release contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially. Automated
Benefits Corp. will not update these forward-looking statements to
reflect events or circumstances after the date hereof. More
detailed information about potential factors that could affect
financial results is included in the documents filed from time to
time with the Canadian securities regulatory authorities by
Automated Benefits Corp.
Adjusted EBITDA does not have any standardized meaning
prescribed by GAAP and is not necessarily comparable to similar
measures presented by other companies. Adjusted EBITDA should not
be considered in isolation of as a substitute for net earnings
(loss) prepared in accordance with GAAP. All other financial
measures referenced herein have been prepared in accordance with
Canadian generally accepted accounting principles unless stated
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Automated Benefits Corp. James R. Swayze President and
Chief Executive Officer (416) 359-9339, ext. 1003
jswayze@automatedbenefits.com Automated Benefits Corp. Richard
Adair Chief Financial Officer and Chief Operating Officer (416)
359-9339 ext. 1002 radair@automatedbenefits.com
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